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Agnico May Open Lower As Higher Costs Hold Down Quarterly Profit

Agnico-Eagle Mines (AEM.TO) may open lower on Thursday morning after announcing late Wednesday that its profit missed expectations due to higher production costs, although quarterly gold production increased significantly, according to a Reuters report.

Reuters said the company posted fourth-quarter net income that rose to $88 million, or 51 cents a share, up from a year-earlier profit of $47.9 million, or 30 cents a diluted share. Excluding one-time items, earnings in the quarter were 55 cents a share, missing analysts' forecast earnings of 62 cents a share, according to Thomson Reuters I/B/E/S.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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